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Kelly Hicks and Robin Sharma share advice after Airbase successfully completes its first external audit. Few milestones in a company’s lifecycle demand a more focused response from finance and accounting than the first external audit. When is the right time for a company’s first audit? The lead-up: Choosing auditors and timing.
The survey revealed that the majority of participants consider “managing liquidity risk and overseeing financial risk management” to be crucial priorities. An automated, consolidated spendmanagementplatform helps treasury departments gain the visibility and control they need to build responsiveness for a turbulent economy.
The rapidly evolving spendmanagement market is once again experiencing a breakout moment. As the category leader and pioneer, Airbase is the first and only spendmanagementplatform to now offer Guided Procurement — intake functionality for all purchasing.
Compliant spending ensures efficient policy adherence, so you can rest assured that any purchase aligns with your company’s budgetary goals and overall spend culture. Compliance also requires detailed information about all spending, which is essential in the event of an audit. Tax information. Contract information.
Compliance and audit. This helps businesses stay compliant with regulations and makes the audit process easier. Spendmanagement: The next stage of invoice automation. A spendmanagementplatform is a full AP solution that leverages automation for all non-payroll spend processing.
Approval chains become more complex, the number and needs of stakeholders increase, transaction types and volume multiply, and compliance and audit readiness become more important. It’s simply not feasible to spend money throwing more bodies at a problem. Surprising lessons from a crisis.
As application programming interfaces (APIs) and digital banking promise unheard of levels of control, companies are eyeing the 40 percent or more of revenues that go to spend — and specifically, how much can drop to the bottom line by using artificial intelligence and accounts payable automation in creative new ways. “A
Audit Trail. Moving more spendmanagement to digital also can give another benefit to companies: control. You have an audit trail,” Grant said. That control can matter significantly in spendmanagement, given all the unplanned spending that takes place via employees out in the field.
Crowdz recently announced the pilot of its InvoiceXchange platform, which enables businesses to auction off their receivables to support stronger cash flows, becoming a part of the growing invoice financing community aimed at enabling suppliers to access money they’re owed while preserving the buyer-supplier relationship.
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